Disability Insurance For Doctors
Disability Insurance For Doctors
Disability Insurance For Physician The Importance Revealed
Like any other professional, if doctors can't work, then they can't make money. Everyone knows if you can't make money then you're in real trouble, especially doctors! The reason I say that is because doctors often have higher overhead costs than most other businesses. Think about it. If you're running a private practice, then you need to pay rent, salaries for your staff, pay for supplies, equipment rentals and a whole host of other costs that can really add up. That's why it's so crucial for doctors to maintain their cash flow week in and week out.
But what happens when an injury or illness sidelines a doctor? Those expenses aren't going to stop, and neither will mortgage payments, utility bills, cable bills, payments for student loans, or car insurance premiums. Nope, they keep rolling in week after week, whether the dr. has any income or not. That's one of the reasons why I am such a big believer in disability insurance for physician and other medical professions.
Medical insurance will cover the costs of most of your medical bills, but what about your income? That's where disability insurance comes in. Even if you're in excellent health, taking care of yourself, eating right, don't smoke and exercise regularly, you can still be struck down by an unexpected accident that isn't your fault. It happens more often than you might think. For instance, did you know that the odds of a person between 25 and 64 years of age getting struck down by a disability are very high? Think about that. You have an increased chance of being hit with a disability that might make it impossible for you to work while your bills just keep piling up.
What Is Disability Insurance For Doctors
Personally, I think getting some type is the best way to go. You can't count on getting payments through the Social Security System, and even if you do, you have to be so disabled that you can't work at any job. You can't even count on workman's compensation to tide you over until you recover. Your disabling injury must be something work-related, so if you're involved in a car accident or get hurt while skiing some weekend, you're out of luck.
So, if you're a physician, then you need as much insurance as you can reasonably afford. You also need to have the right kind for you and your practice. Did you know that you can get policies with an own-occupation definition of disability? What this means in layman's terms is that if you are unable to work in your specialty, whether it's being a general practitioner or being a brain surgeon, and it's due to some disabling injury, then your policy will pay you the benefits you paid for even if you are working in some other medical specialty or have to switch professions.
A friend of mine had a policy that insured his ability to work as an emergency room doctor, which was his primary source of income. However, after he severed a tendon in his thumb with a chisel while doing a bit of carpentry at his home, he was unable to continue working. So, for the rest of his life, his policy is paying him thousands of dollars each month while he is happily ensconced in another occupation that is more to his liking than being an emergency room doctor anyway.
Hey, have you ever worked in an emergency room? It's a high-stress job, let me tell you. But the point I'm trying to make here is that when you get disability insurance, you need to ensure that your policy is as specific as possible to ensure that you'll be able to continue working in your chosen profession. Disability insurance for physician and other medical professions is a must.